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New York Life Insurance Company Support Ticket - 401K plan distribution

New York Life Insurance Company Support Ticket

401K plan distribution - Worthless Customer Service Dept

Created By: HD1234's Picture HD1234 Last Reply: HD1234's Picture HD1234
Priority Level: [Medium] Status: [Open]
Created: 4 years ago Last Updated: 4 years ago
Department: N/A Replies: 0
Product: Worthless Customer Service Dept

I had a 401K retirement plan from my a former employer with NY Life. I was trying to do a direct rollover into an IRA (combine all my 401K plans into one IRA) but I had big problems with NY Life. First, my status was marked as descesed. I had to call and follow up at least 3 times before my status was changed to former employee. After my status was corrected, they were supposed to send me a check, which they did not do until I called again!

Because of this situation, I was not able to roll over my funds and am now forced to pay a 10% penalty on the amount because I can't open an IRA in an amount less than $100. This is in addition to spending over 2 hours on the phone with NY Life. I want NY Life to compensate me for their failure to handle my issue in a timey manner and for the penalty that I will have pay to the IRS.


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